Last 29 July, one of the largest historical draws in the United States lottery was held, where more than one billion were at stake in the Mega Millions, which ended up in the hands of a person who bought the winning ticket in Illinois.
Despite the fact that this amount of money still has taxes deducted, the truth is that the lucky winner of the Mega Millions has come to change his life completely.
Surely, many have thought that the first thing they would do with the money obtained in the lottery, either in the Mega Millions or in the Powerball, 2 of the most popular games in the US would be to pay all the debts you have; Others might consider buying the house or car of their dreams, taking the trip they longed for, or being able to invest or save.
But also the majority of those who dream of winning the lottery or have achieved it, the first thing that has crossed their minds is to quit their jobs, thinking of that they no longer need to continue working, since their economic problems have apparently been solved for life.
But what a good idea it is to leave your job after winning a significant lottery prize? ?
The reason why you should NOT quit your job if you win the Mega Millions, Powerball or any other lottery game
Susan Bradley is an expert in financial planning, she is the founder of the Sudden Money Institute and in recent years, she has dedicated herself to advising lottery winners.
One of the first pieces of advice Susan gives her clients is that, even though it is very feasible and tempting to leave their current jobs, they should not do it right away.
“You cannot suddenly have a net worth of more than $29 millions and not be a different person,” says Bradley. For this reason, she considers that the most important thing is to take time to think and process the situation. Ask yourself questions about the essential needs that you must cover and later, make other more controversial decisions.
The finance expert assures that leaving your job is not only a decision that affects you personally, but also the work environment that surrounds you; that is, it is important to know the situation in which you could leave your colleagues or employees and act accordingly.
Both those who have their own business and those who work for others must find the best time to say goodbye without harming others. “Leaving a job sometimes has consequences for other people you care about,” she says.
Bradley also emphasized that all major lottery prize winners go through something called an “adjustment period,” that is, adjusting to your new reality and lifestyle. It is precisely at this moment that they should ask for help from certified advisors or lawyers so that their profits cannot be compromised by bad ideas or incorrect decision-making.
Finally, Susan explained that those, With a cool head, who decided to quit their job to enjoy their fortune, they are likely going through a time of transition where they do not know how to occupy their free time, which could also trigger other mental health problems.
Given this, it advises that the lottery winners impose themselves routines, whether daily, weekly or monthly, that they find attractive and challenging to always keep their minds occupied.
You may be interested in:
What happens if you win the Mega Millions but lose the ticket
Mega Millions: how often the winning numbers of the last spin over a billion have been drawn
Mega Millions and Powerball, why the lottery is actually bad for personal finances
Susan Bradley is an expert in financial planning, she is the founder of the Sudden Money Institute and in recent years, she has dedicated herself to advising lottery winners.
One of the first pieces of advice Susan gives her clients is that, even though it is very feasible and tempting to leave their current jobs, they should not do it right away.
“You cannot suddenly have a net worth of more than $29 millions and not be a different person,” says Bradley. For this reason, she considers that the most important thing is to take time to think and process the situation. Ask yourself questions about the essential needs that you must cover and later, make other more controversial decisions.
The finance expert assures that leaving your job is not only a decision that affects you personally, but also the work environment that surrounds you; that is, it is important to know the situation in which you could leave your colleagues or employees and act accordingly.
Both those who have their own business and those who work for others must find the best time to say goodbye without harming others. “Leaving a job sometimes has consequences for other people you care about,” she says.
Bradley also emphasized that all major lottery prize winners go through something called an “adjustment period,” that is, adjusting to your new reality and lifestyle. It is precisely at this moment that they should ask for help from certified advisors or lawyers so that their profits cannot be compromised by bad ideas or incorrect decision-making.
Finally, Susan explained that those, With a cool head, who decided to quit their job to enjoy their fortune, they are likely going through a time of transition where they do not know how to occupy their free time, which could also trigger other mental health problems.
Given this, it advises that the lottery winners impose themselves routines, whether daily, weekly or monthly, that they find attractive and challenging to always keep their minds occupied.
You may be interested in:
What happens if you win the Mega Millions but lose the ticket
Mega Millions: how often the winning numbers of the last spin over a billion have been drawn
Mega Millions and Powerball, why the lottery is actually bad for personal finances